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The Research of Joint-venture Railways Equlity Distribution Mechanism Based on the View of Principal-agent

Author: ZhaoFangLei
Tutor: YeShuJun
School: Beijing Jiaotong University
Course: Finance
Keywords: Joint venture railways Option Principal-agent Government investors Social investors
CLC: F532
Type: Master's thesis
Year: 2010
Downloads: 86
Quote: 0
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Abstract


Joint-venture railways has a huge advantage to attract social funds for railway construction, and can effectively solve the problem of lack of funds for railway construction constraints. In recent years, the joint venture railway company has become the development trend of China's railway construction, but the development of the joint-venture railways still relatively short time, is in practice the use of leading theoretical research in the areas related to the equity of the joint venture railways, development prospects and constraints coexist joint venture railway Equity Research has broad research space not only in theory, but also promote the development of China's joint-venture railways practical requirements. In this paper, based on free market under the principal-agent theory, put forward innovative use of principal-agent theory to analyze the allocation of the equity of the joint venture railways; participate in the main body of the joint venture railway simplify government investors and social investors, in order to targeted study of social capital to participate in the equity of the joint venture railway allocation problem; analysis of the agency relationship of state and society in the joint-venture railways investors from railways, national and social investors, and select from the three aspects of the profitability of the railway, the external level and other related variables established joint venture railways in the principal-agent model, the model to the interests of the country as the objective function to maximize the revenue function of social investors participation constraint; social capital equity ratio factors into account the principal-agent model, joint venture railways in the principal-agent relationship with the equity allocation mechanism; derivation come when the national capital cost coefficient model railway level of external and social investors the level of retained earnings, the absolute risk aversion, the investment income of the variance factors such as the relative relationship changes, the optimal level of participation of social capital in the joint venture railways were not involved in partial participation and full involvement. This paper analyzes the impact of the railway, three levels of the state and social investors railway revenue level and external level indicators of social capital equity ratio, optimal national income and national levels of incentives for social investors mechanism; based on the current railway Construction of a lot of money gap, low social capital participation, the proposed joint venture railway joint-venture railways attractive way of social capital should be increased in the short term incentives of social capital; should be in the country in the long term the deepening railway reform process, and enhance the main players in the market position and profitability of the joint venture railway company.

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CLC: > Economic > Transportation and economic > Rail transport and economic > China 's railway transport economics
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